I would like to close my current Retirement Savings Account and open a new one with you. Is that possible?
Your Current Retirement Savings Account (RSA) cannot be closed. You can only transfer your RSA from one Pension Fund Administrator to another when the transfer window is opened by the National Pension Commission (PenCom). This is in line with the provision of the Pension Reform Act 2014. Please note that the transfer window period is yet to commence.
Is it possible to merge multiple RSA pins?
Kindly note that the policy of the National Pension Commission (PenCom) for multiple registrations is the “First PIN” rule which recognizes the first RSA Personal Identification Number (PIN) obtained by a client as the valid one to be maintained.
RSA PINs cannot be merged but the funds in an invalid pin can be moved to the valid RSA pin.
Furthermore, the Commission has identified multiple registrations by PFAs and has categorized them into the Definite Basket. This “basket” warehouses the RSAs that have been confirmed as multiple registrations across all PFAs.
In the event that the client's multiple registration details is not captured in the "basket", PenCom has incorporated an additional validation process for the resolution of multiple RSA registrations through a data capture process. The data recapture process oversees the update of the client's data as well as all multiple registration issues.